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Hannan Metals surges as it identifies multiple new drill targets at its Kilbricken prospect

Last updated: 03:08 25 Apr 2018 AEST, First published: 22:08 24 Apr 2018 AEST

County Clare
County Clare, on the Atlantic coast of Ireland

Hannan Metals Ltd (CVE:HAN) has identified multiple new drill targets at its Kilbricken zinc-lead-silver prospect in Country Clare, Ireland.

The 40.6 line kilometre 2D seismic survey identified the high-grade zinc mineralized position at Kilbricken and defined multiple new high priority targets in similar settings over a combined 12 kilometres trend immediately along strike and up dip from the Kilbricken resource.

READ: Hannan Metals shares advance as it outlines plans for 20,000m drill program in County Clare​

Multiple drill targets were also identified across much of the Clare project, including major north dipping faults that are well documented to preferentially host economic zinc deposits in Ireland, Hannan said.

Expanding on this, Hannan said it has been documented that north-facing faults in the Irish Midlands zinc district that dip away from interpreted topographic highs may preferentially host economic deposits.

Major north dipping faults in the new seismic data are therefore considered significant, both on the southerly extent of Kilbricken, and nine kilometres south southeast at Kilmurry, where 5.0 metres at 3.0% zinc plus lead was drill intersected in an interpreted footwall position adjacent to a large north dipping fault in the seismic dataset. This area is coincident with anomalous zinc and lead surface geochemical sampling, Hannan asserted.

The company added that the 20,000 metre drill program currently being planned will initially test targets over the combined 12 kilometres trend immediately along strike and up dip from the Kilbricken resource.

“In the search for the next giant zinc deposit in Ireland, bold new strategies are required as exploration moves to deeper and untested levels. Reflection seismic presents an opportunity to use new data to think differently in a well understood geological environment. This survey has re-written the geological understanding of the Clare basin and opens the door to a new generation of major zinc deposits. We look forward to drill testing these exciting targets," said Michael Hudson, the chairman and chief executive officer of Hannan.

Shares in Hannan were up 12.2% at C$0.23 in lunchtime trading.

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